Individual Retirement Accounts

Possible Tax Benefits

IRAs are one of the best savings tools available with possible tax benefits. They offer more flexibility than ever and are no longer considered strictly for retirement. IRAs can help you pay for college, a first-time home purchase or provide for medical expenses.


Clearpath provides several options to help you make the most of your investment. Each offers the potential for a unique set of tax-advantaged savings benefits.


  • Traditional IRA contributions to the account may be tax-deductible based on your income and retirement plan participation (this account usually has tax implications upon withdrawals)
  • Roth IRA contributions to the account are not deductible, but feature tax-free and penalty-free withdrawals after age 59 ½ (account must be established at least 5 years)
  • Education Savings Accounts contributions to the account are not tax-deductible, but amounts deposited in the account grow tax-free when withdrawals are made for qualified education expenses
  • Health Savings Account Certificate or Checking offers a tax deduction for contributions to the account. In addition, earnings offer tax-free savings for qualified medical expenses. Unused funds grow annually, allowing you to save for future medical bills

Grandparent and parent and grandchild on kindergarten graduation day

Please note: IRAs may be subject to deposit limitations, penalties for early withdrawals or transaction fees. IRA tax implications can be complicated. We're here to help, but for possible tax benefits, it's always best to contact your professional tax advisor for your personal tax situation.